By Olivia Raimonde and Alex Longley (Bloomberg) -- Oil’s recovery from its historic crash last month is barreling ahead, with some OPEC producers displaying signs of confidence that the market is stabilizing. Nigeria and Algeria -- both members of the Organization of Petroleum Exporting Countries -- have lifted the official selling prices for their supply, a sign that they … [Read more...]
The World’s Smartest Oil Traders Have Taken to the Seas
By Julian Lee (Bloomberg Opinion) --The waters off the South African oil storage terminal at Saldanha Bay are getting busy. A small flotilla of tankers full of crude is idling near the busy shipping lanes that link the Atlantic and Pacific Oceans. Their presence, along with similar gatherings of ships all around the world, will be a potential source of oil price volatility for … [Read more...]
Oil Rally Continues as Output Cuts Hit Supply Glut
By Olivia Raimonde (Bloomberg) --Oil posted its longest streak of gains in more than a year, buoyed by output cuts across the globe that have whittled away at a stubborn supply glut. Futures climbed 1.3% in New York. U.S. supply data showed crude inventories fell for a second week after climbing steadily since January and stockpiles at the storage hub at Cushing, Oklahoma … [Read more...]
Oil Rises to Two-Month High Amid Demand Recovery
(Bloomberg) -- Oil rose to levels not seen since Covid-19 lockdowns paralyzed the world’s largest economy, lifted by signs of recovering demand and news of a viable coronavirus vaccine. Futures in New York climbed 8.1% Monday, the highest level since mid-March. Chinese oil use is at 13 million barrels a day, just shy of the levels of a year earlier, traders and executives … [Read more...]
Tanker Movements Reveal China’s Splurge on Cheap Crude
By Firat Kayakiran (Bloomberg) --Chinese oil traders know bargain crude prices when they see them. That, at least, is one conclusion from the movements of the world’s supertankers. There are 117 of the industry’s largest crude carriers en route to ports in the Asian country, where there have been increasing signs of a pickup in oil demand following the outbreak of … [Read more...]